Digital RMB: Regulation of Central Bank Digital Currency (CBDC) in China

Abstract

Introduction. “Digital RMB” is the digital currency of the People's Bank of China that has attracted the attention of researchers around the world. This project is not the first to be put into circulation, but it is the largest in terms of the volume of issued currency and the number of people using the CBDC as a means of payment.Materials and methods. The analysis of the practice of putting into effect, as well as the basics of regulating the CBDC of the PRC, can become a source of information that allows, when making a comparison, to develop a policy of action for the regulator in relation to the digital currencies of other countries.This article considers only the CBDC of the PRC, its features, technological and non-technological components. The main source of analysis is the Program Document or the Whitepaper of the CBDC of the PRC, which is currently the only official source of information on how the currency regulation is structured. This document is one of those establishing regulatory principles and is an example of a generally accepted method of regulating innovative financial technologies at the pilot stage.Results of the study. Based on the analysis, the article offers conclusions, current and final, about what the PRC CBDC is, what its structure is, what are the features and of the PRC CBDC.Discussion and conclusion. Areas of application of the PRC CBDC are being considered, the legal effect of its implementation.